# US crude stockpiles fall as refining runs hit 2020 high - EIA | Reuters

> Crude stocks at Cushing fell 3.1 million barrels in the latest week, the largest weekly draw since October 2021, as refinery runs hit a 2020 high. Prices still fell on the day, with WTI down 54 cents to $79.10.

- Date: 2023-08-23 · published 2023-08-23T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/34755-us-crude-stockpiles-fall-as-refining-runs-hit-2020-high-eia-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Falling inventories signal tight supply and strong refining demand, but the lack of a price rise shows the market was pricing other factors.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-02-01 | [EIA: U.S. crude stockpiles rise, products draw on low refining rates](https://feedsoft.ai/events/31856-eia-u-s-crude-stockpiles-rise-products-draw-on-low-refining-rates.md) | -2.6% | +3.6% |
| WTI | 2025-01-08 | [US crude stocks at Cushing fall to decade-low, fuel inventories surge, EIA says](https://feedsoft.ai/events/10349-us-crude-stocks-at-cushing-fall-to-decade-low-fuel-inventories-surge-eia-says.md) | +4.3% | -4.6% |
| WTI | 2018-10-25 | [US crude stocks rise as fuel inventories draw down](https://feedsoft.ai/events/12177-us-crude-stocks-rise-as-fuel-inventories-draw-down.md) | -2.0% | -18.3% |
| WTI | 2022-06-21 | [US refining capacity falls to lowest mark in 8 years amid record prices: EIA](https://feedsoft.ai/events/41121-us-refining-capacity-falls-to-lowest-mark-in-8-years-amid-record-prices-eia.md) | +1.1% | -3.7% |
| WTI | 2024-10-09 | [US crude stocks rose last week, fuel inventories dipped as demand surged, EIA says](https://feedsoft.ai/events/11688-us-crude-stocks-rose-last-week-fuel-inventories-dipped-as-demand-surged-eia-says.md) | -4.1% | -2.5% |
| BRENT | 2024-02-01 | [EIA expects relatively flat crude oil prices in 2024 and 2025](https://feedsoft.ai/events/32277-eia-expects-relatively-flat-crude-oil-prices-in-2024-and-2025.md) | -2.6% | +1.9% |
| BRENT | 2019-02-01 | [EIA forecasts world crude oil prices to rise gradually, averaging $65 per barrel in 2020](https://feedsoft.ai/events/61262-eia-forecasts-world-crude-oil-prices-to-rise-gradually-averaging-65-per-barrel.md) | -1.4% | +5.4% |
| BRENT | 2017-09-21 | [Changing quality mix is affecting crude oil price differentials and refining decisions -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/69127-changing-quality-mix-is-affecting-crude-oil-price-differentials-and-refining.md) | +2.8% | +2.4% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/us-crude-stockpiles-fell-last-week-fuel-stocks-built-eia-2023-08-23/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.